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The Deadly Embrace between the Banks and the State in Spain, 1850-2015

التفاصيل البيبلوغرافية
العنوان: The Deadly Embrace between the Banks and the State in Spain, 1850-2015
المؤلفون: Comín, Francisco, Cuevas, Joaquim
المساهمون: Ministerio de Economía y Competitividad (España)
سنة النشر: 2017
المجموعة: Universidad Carlos III de Madrid: e-Archivo
مصطلحات موضوعية: Spain, Financial history, Sovereign debt history, Banking history, España, Historia financiera, Historia bancaria, Historia de la deuda pública, N2, G21, H63, Economía, Historia
الوصف: This paper focusses on the financial relations between the banking sector and the Treasury in Modern Spain. Tax systems have been insufficient, generating a chronic budget deficit. This drove to irresponsible public debt management, being the State a serial defaulter until 1987. This prevented the budget deficits could be financed by sovereign debt issued on the stock exchanges, and forced the state to resort to banks (public and private). The new series of public debt banks portfolios evolution is explained by their pursuit of returns and by changes in banking regulation and financial repression, which favoured the banking status quo. The paper analyses the causes of banking regulation, derived from the public borrowing policy and also from the banking lobbying strategy. It examines the consequences of the deadly banking-state embrace which brought about the interconnection between fiscal and banking crises. ; Este trabajo analiza las relaciones financieras entre el sector bancario y la Hacienda pública en la España contemporánea. Los sistemas fiscales han sido insuficientes, generando un déficit presupuestario crónico. Este forzó una gestión irresponsable de la deuda pública hasta 1987. Ello impidió que los déficits presupuestarios pudiesen financiarse con deuda emitida en las bolsas, y obligó al Estado a recurrir a la banca (pública y privada). La evolución de las nuevas series de las carteras de deuda pública se explica por la búsqueda de rentabilidad de los bancos y por los cambios en la regulación bancaria y la represión financiera que favorecieron al statu quo bancario. Se analizan las causas de la regulación bancaria, derivadas de la política de endeudamiento público y de la estrategia de inversión bancaria. Se examinan las consecuencias del abrazo mortal banca- Estado que se reflejaron en la interconexión entre las crisis fiscales y bancarias.
نوع الوثيقة: article in journal/newspaper
اللغة: English
تدمد: 0212-6109
Relation: Gobierno de España. ECO2015-66782-P; Revista de Historia Económica / Journal of Iberian and Latin American Economic History (Second Series) / Volume 35 / Issue 03 / December 2017, pp 387–414; 2041-3335 (online); http://hdl.handle.net/10016/36307; https://doi.org/10.1017/S0212610917000106; 387; 414; Revista de Historia Económica / Journal of Iberian and Latin American Economic History; 35
DOI: 10.1017/S0212610917000106
الاتاحة: http://hdl.handle.net/10016/36307
https://doi.org/10.1017/S0212610917000106
Rights: © Instituto Figuerola, Universidad Carlos III de Madrid, 2017 ; Atribución-NoComercial-SinDerivadas 3.0 España ; http://creativecommons.org/licenses/by-nc-nd/3.0/es/ ; open access
رقم الانضمام: edsbas.A7FEE5B2
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